Tropical Storm Harvey’s effects on the oil industry in Texas will have an impact on gas prices in Canada, the Canadian Press reports. Retail operations in Calgary, Montreal and Ottawa are barely breaking even and could use an increase in wholesale prices to raise the price at the pump, an expert said.

Internationally:

Newly-imposed U.S. sanctions on the Russian oil industry won’t inflict significant damage on the sector, insiders told Reuters. The sanctions target U.S.-based financing for Russian energy companies. The sanctions are part of Washington’s attempt to punish Russia for its annexation of Crimea in 2014.